Lancaster house prices increased more than north west average in November
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.1% over the last year.
The average Lancaster house price in November was £207,918, Land Registry figures show – a 2.5% increase on October.
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Hide AdOver the month, the picture was different to that across the north west, where prices increased 0.4%, and Lancaster was above the 0.3% drop for the UK as a whole.
Over the last year, the average sale price of property in Lancaster rose by £27,000 – putting the area fourth among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6%, to £194,000.
At the other end of the scale, properties in west Lancashire gained 9.1% in value, giving an average price of £225,000.
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Hide AdThe average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.
Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."
And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”
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Hide AdFirst steps on the property ladder
First-time buyers in Lancaster spent an average of £182,000 on their property – £24,000 more than a year ago, and £50,000 more than in November 2017.
By comparison, former owner-occupiers paid £232,000 on average in November – 27.3% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Lancaster in November – they increased 2.6%, to £221,088 on average. Over the last year, prices rose by 15.5%.
Among other types of property:
Detached: up 2.5% monthly; up 15.6% annually; £360,143 averageTerraced: up 2.3% monthly; up 15.6% annually; £180,394 averageFlats: up 2.4% monthly; up 11.3% annually; £119,335 average
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Hide AdHow do property prices in Lancaster compare?
Buyers paid 6% less than the average price in the north west (£221,000) in November for a property in Lancaster. Across the north west, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the north west were in Trafford – £376,000 on average, and 1.8 times as much as more than in Lancaster.
Trafford properties cost 3.2 times as much as homes in Burnley (£118,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in November
Lancaster: £207,918
The north west: £221,224UK: £294,910
Annual growth to November
Lancaster: +15.1%
The north west: +13.5%UK: +10.3%
Highest and lowest annual growth in the north west
Allerdale: +15.6%
West Lancashire: +9.1%